Verastem raises $150M in notes offering
Verastem Inc. (NASDAQ:VSTM) raised $150 million on Oct. 11 through the sale of 5% convertible senior notes due 2048. The notes have an initial conversion price of about $7.16, which is a 14% premium to Verastem's close of $6.26 on Oct. 11, before the cancer company priced the offering.
On Sept. 24, FDA approved Copiktra duvelisib to treat relapsed or refractory chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL) after at least two prior therapies. Verastem said it was the first dual phosphoinositide-3-kinase (PI3K) δ and γ inhibitor approved by the agency. Verastem subsequently granted CSPC Pharmaceutical Group Ltd. (HKSE:1093) exclusive rights to develop and commercialize Copiktra in China, including Hong Kong and Macau, and Taiwan (see "Verastem Grants CSPC Rights to Copiktra in China")...